Where is my critical Resistance on Bank Nifty?

A =0.618 B (38660), I wouldn’t want to see the prices cross and close above 61.8% ratio that is wave 1 at 38426 nearby of A and comes into play as resistance the previous swing high 37581(Wave 4) nearby.

banknifty

OR

A five-wave decline in the BANK NIFTY , from 41830(Oct.) to 34019(Dec.) is complete. The 34019 low is wave A of a larger five-wave decline. The 2h range chart shows that wave B took the form of a double zigzag pattern, carrying to meet the top (W=0.618 Y) 38660. The previous 37385 resistance zone can again react as resistance. Currently, everything are positive on the day before and the day after, but wave ((Y)) (circle) of C of B can be labeled.

As those familiar with the Wave Counting model know, the B (corrective) wave in a downtrend is a counter-trend price move. In other words, it’s up. When wave B is complete, wave C down follows.

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NIFTY: Price Action Perspective and wave analysis

Daily Chart
Price Action perspective:

free-nse-stock-nifty-daily-chart

After the accomplishment of the lower-low, nifty surged and reached near the previous lower-high point at 17639.

As mentioned in down theory, An upward trend is a series of successively higher highs and higher lows.
Price is weak below 17639, which is a previous lower high.
If nifty creates a swing failure, supply will exceed the demand.

Daily Chart:
Elliott Wave Perspective:

free-nifty-daily-tips-chart

Nifty has completed the corrective wave A of triple zigzag (Z)
If the price gives a consecutive close above (X), it suggests that corrective structure has occurred and an impulsive wave started.

However, the price has given three moves after wave A.
Sub-wave a traveled 100% of wave B.
The price is weak below 17639 and strong above 17650.

In my previous idea, I have mentioned the price can be out of the channel. Sellers can enter after a rejection of the candle on a higher timeframe.
Safe traders can enter when the price enters into the downtrend channel.

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Trader’s Roadmap Jan, 2022 – What I expect on Indian Market?

The upcoming market moves will destroy 80% of traders’ investments. We are sharing with you NSE’s perspective that will be helpful in January 2022.

free nse nifty 1h chart tips

NIFTY: Bullish Triple Zigzag (1H)

The spot nifty hourly chart at an exciting juncture. The juncture isn’t easy to identify the next turn for beginners. Where will upturn sustain?

Below levels are very crucial. That will help you make a new position or create a trade setup on Nifty.

The first observation should be on the trend. And it is down by looking at the above chart (left to right). The price is defining a lower low. And that is W, Y, and Z. Moreover, the low high is similar (1X and 2X). Hence, I have chosen Oct 18605 high and Dec 16410 low. Wherein come out Bullish Triple Zigzag corrective pattern formation.

Are you expecting a continuous downtrend? Then look at the equality ratio. That gives you resistance levels. And after the ending of the point of the Z wave, ((w))=((y)) at 17574.

Furthermore, the level of 17600 is equal to waves A and C, but the 17503 level is the first upcoming resistance A = C | 0.789 ratio.

Trend Reversal Key Level:
Reconsider the wave count at 17640 lower high.

According to the current market situation, the Nifty price is under 17640. It’s a direct sign of downtrend moves. And the first target will be the 17077 level.

Nifty traders must look at this DJIA chart.

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Nifty Outlook: Bull Trend Or Bull Trap?

free nse nifty stock tips

In my previous post, I have mentioned that nifty can make an upward move before making the last leg. Nifty was at 16999, and it has made a high of 17400 on 31st December 2021.

Click here to read previous article.

Nifty is out of the channel and near to the previous lower high.

If nifty breaks up of 17639, we can expect a big upward move to 18210, which indicates that the correction is complete.

And if it fails to break the parallel channel, we can expect the following targets: 16909-16690-16449-16369, and the price will start wave C of wave (Z).

Please note that the downtrend is below 17639.

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Elliott Wave says NIFTY Going for 16369

free nse nifty chart tips

Nifty is constructing triple three (X,Y,Z) right now.

Price is about to accomplish sub-wave B of triple three.

Buyers should be ready to exit from their position before the price reaches the nearest lower high at 17639, which is wave (X) of the correction.

According to wave principle, if the price couldn’t sustain above wave X, then the current trend is about to resume.

Currently, nifty’s trend is bearish and, wave C can give a downward motion with the following targets:16909 – 16690 – 16449 – 16369.

Note that price can make an excess at the upper band of the channel.

Trade Setups (only for the safe traders):
Traders can enter when the price rejects the wave (X).
If the price breaks the (X) at 17639, it may be a fake-out. Traders can wait for the price to enter into the parallel channel.

Stop can be the nearest high of the excess which will be out of the channel.

Trade Setups (only for the Lionheart traders):
Lionheart traders can enter in sell position when the price makes rejection of wave (X).
After the price rejection, they can initiate a short position below 17600.

Stop can be high of the new lower high.

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